We understand that you need to “know the numbers” for your business and our accounts preparation service provides these to you. The standard profit and loss account and balance sheet have been the tried and tested standard reports about the performance of a business.
At Accounting Wise we go further, using the latest software to produce reports that help clients make decisions on issues like: what effect a price increase would have? What is the effect the current debtor to creditors ratio is having on cash flow? Another popular report is the 9 month report – put simply, this report gives you a picture of your business at a stage when beneficial changes could still be made to your tax liabilities.
Most businesses are required to produce a set of accounts at least once per year. These accounts will form the basis for the tax return which tells HMRC how much tax is owed.
Aside from accounts being a requirement, as a business you can benefit greatly from carefully considering the information within your set of accounts. Accounts can tell you how well your business is doing and may highlight areas that need to be addressed. For example, if you sell products or offer a service and your accounts show that your margins are too slim you may decide to increase your prices or negotiate harder with your suppliers to increase profit and keep your business healthy.
This is just one example from among hundreds or possibly thousands of why a good set of accounts can help both you and your business. There is a vast amount of information contained within a set of accounts that can be utilised to improve your business.
Accounts can be produced as frequently as you need them. So, if you require frequent up to date information about the performance of your business then monthly management accounts will possibly be best suited for you. However, if your business is very small and you have a rough idea of how well you are doing then you may only want the statutory annual accounts.
It is nearly always better for a professional to produce your business’ accounts because an accurate and comprehensive set of accounts will be of much more use to both you and your business, and will ensure that you are paying the correct amount of tax to HMRC.
Benefits of using Accounting Wise
Account preparation can be a very complex exercise that is subject to a different set of rules to preparing your Corporation Tax Return and Self Assessment Tax Return. We would recommend that you always seek advice from a professional than attempt to complete your own account preparation.
Some of the benefits of using Accounting Wise to handle your account preparation:
Peace of mind
By using professionals you know that your account preparation will follow the correct and accurate standards.
You are less likely to be investigated by HMRC if you use an advisor, as HMRC have ways of knowing if figures submitted in your accounts are likely to be incorrect. This is a common trigger for a tax investigation.
In most cases it will take you a lot longer to complete your account preparation process than it would for an advisor. This time could be better spent running your business.
Accounting WiseAccount Preparation Process
Your accounts are a report based upon the bookkeeping of your business, whether you have completed the bookkeeping yourself or we have completed the bookkeeping on your behalf; Accounting Wise will check the bookkeeping to ensure that there are no mistakes or omissions before we start the account preparation process.
During account preparation Accounting Wise will produce a set of ‘working papers’ which will be used to make all the necessary calculations required to turn the bookkeeping figures into a full set of accounts.
Your accounts will then be reviewed to double check all work, and produce a series of recommendations for you if any have been found. These recommendations can be things like whether or not it is beneficial for your business to be VAT registered, a recommended change to the structure of your business or even things like whether or not a pension review would be beneficial.
Once account preparation is complete, Accounting Wise will provide you with a copy of the accounts for your review. Once you are happy with the accounts, and any amendments have been made, the tax return is produced and submitted to HMRC.
Reviews from google.com
We have been using Accounting Wise since May 2016 and cannot fault attention to detail. Vending Sense Group Limited would recommend his services to anyone looking for a professional Accountant.
Great accountant, the service was incredible highly recommend them.
I have been using Accounting Wise for the past 3 years and have nothing but positive feedback. Ian is contactable at all hours and responds in a very fast manor. He takes time out to answer any queries and is very approachable and professional. Highly recommend!
They always looks after myself & my wife when it comes to tax time of the year. Highly recommend!
You can feel safe in the knowledge that we are experts in our field.
Our accountants have a range of qualifications from the Association of Accounting Technicians (AAT), Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW). We are also an Institute of Certified Practising Accountants (ICPA) accredited firm, and a HMRC registered Agent.
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Accounting Wise is a trading style of Accounting Wise Ltd, a limited company registered in England under company number 09365202. Our registered office is: The Carriages, Station Road, Ware, SG12 9PL UK.
Content is for general information only. Always take advice.